August 23 (Renewables Now) - A subsidiary of Grupo Cobra, in turn part of construction group ACS (BME:ACS), has secured EUR 434 million (USD 480m) in project financing for a 864-MW portfolio of solar photovoltaic (PV) plants in Spain.
This was unveiled by law firm Watson Farley & Williams (WFW), which advised the lenders in the transaction, namely Natixis, Banco Santander, BBVA and CaixaBank. According to WFW, the deal was signed on August 2.
The portfolio in question was developed by Zero-E and consists of 18 plants located in Zaragoza, Teruel and Ciudad Real. These assets are part of the 1.55 GW of solar capacity Grupo Cobra won in Spain’s third renewable energy auction that was held in 2017. They needed to be completed by the end of 2019 in order to benefit from the subsidy regime.
Grupo Cobra was advised by Clifford Chance in this transaction.
(EUR 1.0 = USD 1.107)